Asia and Global Semiconductor and Tech Research

Andrew Lu

Equity Bottom-Up

<h2>What's new?</h2>A group of technology companies (PC, TV, telecom product, and semiconductor fabless/IDM vendors) and automobile manufacturers sent a letter to President Donald J. Trump on 20 April 2017 to state the following key messages:<ol><li><div>
Asking Trump to continue the FTC's lawsuit against Qualcomm: We share the concerns expressed by U.S. antitrust agencies in the last decade over certain anti-competitive licensing practices involving standard essential patents. We feel it is critically important for…</div></li></ol>

What's new?A group of technology companies (PC, TV, telecom product, and semiconductor fabless/IDM vendors) and automobile manufacturers sent a letter to President Donald J. Trump on 20 April 2017 to state the following key messages:
Asking Trump to continue the FTC's lawsuit against Qualcomm: We share the concerns expressed by U.S. antitrust agencies in the last decade over certain anti-competitive licensing practices involving standard essential patents. We feel it is critically important for…

Qualcomm Has More Enemies than Friends; Tech Groups Urge Trump to Continue FTC Antitrust Suit

Differentiated global TMT & Internet Research

New Street Research Insights

New Street Research

Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
US Healthcare
Japanese Healthcare

We also provide debt research on:
Pan European Telecom Services and Cable

Thematic (Sector/Industry)

Listed Chinese Internet companies posted 26% YoY revenue growth in 4Q16, a modest rebound from 22% growth in 3Q but still below the low 40s growth in 1H. The slowdown in 2016 was partly caused by regulatory changes with the Government removing a significant portion of healthcare advertising in May 2016 and then tightening property regulations in September. We expect some modest expansion of growth rates from 2Q17 as the sector laps regulatory headwinds in search. Within the advertising segment…

Listed Chinese Internet companies posted 26% YoY revenue growth in 4Q16, a modest rebound from 22% growth in 3Q but still below the low 40s growth in 1H. The slowdown in 2016 was partly caused by regulatory changes with the Government removing a significant portion of healthcare advertising in May 2016 and then tightening property regulations in September. We expect some modest expansion of growth rates from 2Q17 as the sector laps regulatory headwinds in search. Within the advertising segment…

China Internet: Online Advertising Now >50% of Total Chinese Ad Spend.

We have been relatively cautious on <a href="https://www.smartkarma.com/entities/787" target="_blank" data-smartkarma-citation="entities:787:1">Alibaba (BABA US)</a> since prior to listing. Our concerns have centered on corporate governance issues (specifically around Ant Financial and for a time revenue reporting - GMV). We have always admired the scale and growth of the group, and over time have become increasingly optimistic about the potential of BABA as the top line continues to grow rapidly.  We have become more comfortable with eCommerce and Cloud services, helped in part by the introduction of the…

We have been relatively cautious on Alibaba (BABA US) since prior to listing. Our concerns have centered on corporate governance issues (specifically around Ant Financial and for a time revenue reporting - GMV). We have always admired the scale and growth of the group, and over time have become increasingly optimistic about the potential of BABA as the top line continues to grow rapidly.  We have become more comfortable with eCommerce and Cloud services, helped in part by the introduction of the…

Alibaba: Room to Grow from ECommerce and Cloud Services

Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

<ul>
<li>Both the surge in industrial commodity imports and excavator sales in February confirm the rebound in Chinese fixed investment led by infrastructure, but with housing also now picking up.</li>
<li>Sales of excavators reached a 15-year high - Komatsu reported real-time utilization rates on its machines in China soaring 85% y/y last month</li>
<li>Housing sales by value rose 22.7% y/y for Jan/Feb and investment in real-estate development rose 8.9% in the first two months, versus 6.9% over last year.</li>
<li>Prices seem to be…</li>
</ul>


Both the surge in industrial commodity imports and excavator sales in February confirm the rebound in Chinese fixed investment led by infrastructure, but with housing also now picking up.
Sales of excavators reached a 15-year high - Komatsu reported real-time utilization rates on its machines in China soaring 85% y/y last month
Housing sales by value rose 22.7% y/y for Jan/Feb and investment in real-estate development rose 8.9% in the first two months, versus 6.9% over last year.
Prices seem to be…


As China Digs for Growth, Can Korea Break Chaebol Dominance?

ASEAN (Indo) & China-focused. Ex-Deputy HoR UBS.

Johannes Salim, CFA

<ul>
<li>We had a breakfast meeting with Ben Bernanke, a man who needs no introduction.</li>
<li>Bernanke is optimistic given a confluence of positive factors (Trumponomics, improved global economy, and higher productivity return to name a few).</li>
<li>We are bullish on financials, infrastructure, technology, and consumer discretionary in Sino-ASEAN region. </li>
</ul>Last Friday, we were invited by Schwab to have a breakfast meeting with Ben Bernanke, former Fed Chairman (two terms: 2006-2010 and 2010-2014 before Janet Yellen…


We had a breakfast meeting with Ben Bernanke, a man who needs no introduction.
Bernanke is optimistic given a confluence of positive factors (Trumponomics, improved global economy, and higher productivity return to name a few).
We are bullish on financials, infrastructure, technology, and consumer discretionary in Sino-ASEAN region. 
Last Friday, we were invited by Schwab to have a breakfast meeting with Ben Bernanke, former Fed Chairman (two terms: 2006-2010 and 2010-2014 before Janet Yellen…

Sino-ASEAN Strategy: What Does a Breakfast With Bernanke Reveal?

United States

Meta Platforms Inc. operates as a social technology company. The Company builds applications and technologies that help people connect, find communities, and grow businesses. meta Platform is also involved in advertisements, augmented and virtual reality.

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Meta (META US)

Qualcomm Has More Enemies than Friends; Tech Groups Urge Trump to Continue FTC Antitrust Suit

What's new?A group of technology companies (PC, TV, telecom product, and semiconductor fabless/IDM vendors) and automobile manufacturers sent a...

Andrew Lu

China Internet: Online Advertising Now >50% of Total Chinese Ad Spend.

Listed Chinese Internet companies posted 26% YoY revenue growth in 4Q16, a modest rebound from 22% growth in 3Q but still below the low 40s growth...

New Street Research

Alibaba: Room to Grow from ECommerce and Cloud Services

We have been relatively cautious on Alibaba (BABA US) since prior to listing. Our concerns have centered on corporate governance issues...

New Street Research

As China Digs for Growth, Can Korea Break Chaebol Dominance?

Both the surge in industrial commodity imports and excavator sales in February confirm the rebound in Chinese fixed investment led by...

Sean Maher

Sino-ASEAN Strategy: What Does a Breakfast With Bernanke Reveal?

We had a breakfast meeting with Ben Bernanke, a man who needs no introduction. Bernanke is optimistic given a confluence of positive factors...

Johannes Salim, CFA

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Market Cap (USDm)

P/E

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